Sugar firm (SBT) to sell more than 61 million treasury shares
Thanh Thanh Cong Bien Hoa Sugar JSC (SBT) has approved a plan to sell treasury shares.
The company plans to sell all nearly 61.7 million treasury shares to increase the number of outstanding voting shares and restructure the company's capital.
The selling price will be decided by the board of directors in compliance with regulations butnot lower than the market price or the book value at the time of offering.
On the market, shares of Thanh Thanh Cong Bien Hoa have fallen significantly in recent times, being trading at VND15,550 (US$0.68) per share on Thursday, down nearly 25 per cent since this year's peak of VND20,660 per share on February 15.
As of March 31, 2019, the company has 61.6 million treasury shares worth nearly VND1.1 trillion ($47.3 million).